DAILY MARKET WIRE
July 25, 2023 – Update
The comment
US and European grain markets climbed on Monday on news over Black Sea escalations involving a Russian attack on export infrastructure …
Chicago SRW wheat prices closed with limit-up gains, jumping 8.60%.
Kansas City HRW climbed 6.77%, and Minneapolis HRS rose 5.52%.
Corn prices also made substantial inroads, rising 6.36%.
Soybean prices enjoyed gains of around 1.5% thanks largely to spillover strength from red-hot wheat and corn prices.
The rest of the soy complex was also in the green, with soymeal prices 1.02% firmer, while soyoil climbed 3.73%.
In Europe wheat prices soared 7.08%, and corn closed 5.45% higher.
Oilseed markets, in contrast were mixed as August rapeseed fell 3.83% as approaching to expire, while Nov rose 1.41%.
Spillover support from energy prices added to tailwinds.
Oil prices, indeed, climbed about 2% to a near three-month high, on tight supply, and China stimulus hopes.
The Baltic Exchange’s main sea freight index in London slipped 1.12% falling to over 1-1/2 month low.
On Wall Street, US stock indexes posted moderate gains, buoyed by the rally in crude oil prices.
The DXI rose by +0.28% and posted a 1-1/2 week high.
The markets
Chicago wheat Sep contract was up 60c/bu to 757.4c/bu;
Kansas wheat Sep contract was up 58.2c/bu to 918.4c/bu;
Minneapolis wheat Sep contract was up 49c/bu to 936c/bu;
MATIF wheat Sep contract, was up €17.5/t to €264.75/t;
ASX wheat Sep contract, was unchanged to A$398/t;
Black Sea wheat Aug contract was up $4.75/t to $238.25/t;
US DWI Cash (durum wheat index) was up 28.23c/bu to 903.71c/bu;
1CWAD (Canadian durum wheat) avg reg was down C$0.22/t to C$439.45/t;
EDW (EU durum) Sep contract, was up €2.25/t to €411/t;
Chicago corn Sep was up 33.4c/bu to 560.4c/bu;
MATIF corn Aug was up €13.25/t to €256.25/t;
Soybeans Aug contract up 22.2c/bu to 1523.2c/bu;
Winnipeg November canola contract was up C$4.2/t to C$830/t;
MATIF rapeseed Aug contract, was down €18/t to €452/t;
Brent crude Sep was up US$1.67 per barrel to $82.74;
WTI crude Sep was up US$1.67 per barrel to $78.74;
BADI (Baltic Dry Index) was down 11 points to 967;
Dow Jones was up 183.55 points to 35.411,24;
S&P 500 was up 18.30 points to 4.554,64;
NASDAQ Composite up 26.06 points to 14.058,87;
US dollar index (Sep ’23) was up 0.285 points to 101.083;
AUD/USD firmer at US$0.6739;
USD/CAD weaker at $1.3167;
EUR/USD weaker at $1.1064;
USD/RUB weaker at ₽90.4522.
Kansas wheat Sep contract was up 58.2c/bu to 918.4c/bu;
Minneapolis wheat Sep contract was up 49c/bu to 936c/bu;
MATIF wheat Sep contract, was up €17.5/t to €264.75/t;
ASX wheat Sep contract, was unchanged to A$398/t;
Black Sea wheat Aug contract was up $4.75/t to $238.25/t;
US DWI Cash (durum wheat index) was up 28.23c/bu to 903.71c/bu;
1CWAD (Canadian durum wheat) avg reg was down C$0.22/t to C$439.45/t;
EDW (EU durum) Sep contract, was up €2.25/t to €411/t;
Chicago corn Sep was up 33.4c/bu to 560.4c/bu;
MATIF corn Aug was up €13.25/t to €256.25/t;
Soybeans Aug contract up 22.2c/bu to 1523.2c/bu;
Winnipeg November canola contract was up C$4.2/t to C$830/t;
MATIF rapeseed Aug contract, was down €18/t to €452/t;
Brent crude Sep was up US$1.67 per barrel to $82.74;
WTI crude Sep was up US$1.67 per barrel to $78.74;
BADI (Baltic Dry Index) was down 11 points to 967;
Dow Jones was up 183.55 points to 35.411,24;
S&P 500 was up 18.30 points to 4.554,64;
NASDAQ Composite up 26.06 points to 14.058,87;
US dollar index (Sep ’23) was up 0.285 points to 101.083;
AUD/USD firmer at US$0.6739;
USD/CAD weaker at $1.3167;
EUR/USD weaker at $1.1064;
USD/RUB weaker at ₽90.4522.
